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Kotak PSU Bank Exchange Traded Fund updates

Investment goal and benchmark

The fund’s investment objective is “The scheme’s objective is to offer total returns that correspond to the total returns of the Nifty PSU Bank Index.”The NIFTY PSU Bank Total Return Index is used as a benchmark.

Portfolio Structure & Asset Allocate

The fund’s asset allocation is roughly 99.98 percent equities, 0.0 percent loans, and 0.02 percent cash and cash equivalents.The top 10 equity holdings account for roughly 96.27 percent of assets, while the top three sectors account for around 99.98 percent.The fund invests mostly in companies with a substantial market capitalisation, with 64.86 percent in giant and large cap companies, 33.04 percent in mid cap, and 2.1 percent in small cap companies.

Implications for Taxation

1. If units are surrendered within one year of purchase, gains are taxed at a rate of 15% (Short-term Capital Gains Tax – STCG).

2. Gains of up to Rs. 1 lakh accruing from units redeemed after one year of investment are free from tax in a financial year.

3. Gains of more than Rs. 1 lakh would be subject to a 10% tax rate (Long-term Capital Gain Tax – LTCG).

4. Dividend income from this fund will be added to an investor’s income and taxed according to his or her tax slabs for Dividend Distribution Tax.

5. In addition, for dividend income in excess of Rs 5,000 in a financial year, the fund house is required to withhold a TDS of 10%.

Source: Economic india

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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ipo IPO Watch

Glenmark Life Sciences IPO subscribed 1.43 times on day 1, retail portion booked 2.73 times

The size of the IPO has been cut to 1.5 crore equity shares after the business raised Rs 454 crore from anchor investors on July 26, a day before the sale was scheduled to commence.

Retail investors’ reserved portion has already been subscribed 5.16 times, while non-institutional investors’ portion has been subscribed 85 percent.

Qualified institutional buyers have placed bids for 10,540 equity shares out of a total of 42.42 lakh equity shares reserved for them.

Glenmark Pharma’s subsidiary seeks to collect Rs 1,513.6 crore through a public offering that includes a fresh issue of Rs 1,060 crore and a promoter offer to sell 63 lakh equity shares.

The offer’s price band has been set at Rs 695-720 per equity share, with the offer closing on July 29.

Company Profile

Glenmark Pharmaceuticals Limited is an Indian pharmaceutical company headquartered in Mumbai, India that was founded in 1977 by Gracias Saldanha as a generic drug and active pharmaceutical ingredient manufacturer; he named the company after his two sons. The company initially sold its products in India, Russia, and Africa. The company went public in India in 1999, and used some of the proceeds to build its first research facility. Saldanha’s son Glenn took over as CEO in 2001, having returned to India after working at PricewaterhouseCoopers. By 2008 Glenmark was the fifth-biggest pharmaceutical company in India.

(Source: Factset)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
ipo IPO Watch

Glenmark Life Sciences raises Rs 454 crore from cornerstone investors ahead of its first public offering.

According to a regulatory filing, the business has agreed to distribute 63,06,660 equity shares to 19 cornerstone investors at a price of Rs 720 per share, for a total of Rs 454 crore.

Amongst those cornerstone investors are HSBC Global Investment Funds, Government Pension Fund Global, Oaktree Emerging Markets Equity Fund LP, Copthall Mauritius Investment Ltd-ODI account, Societe Generale-ODI, Kuber India Fund, and Reliance General Insurance Company.

Glenmark Pharma would issue new equity shares worth up to Rs 1,060 crore and sell up to 63 lakh equity shares in the first public offering (IPO). The issue will begin on July 27 and end on July 29, with a price range of Rs 695-720 per share.

The proceeds from the new issuance will be utilised to cover the promoter’s outstanding purchase consideration for the API business spin-off as well as fund capital expenditure requirements. The IPO will raise Rs 1,513.6 crore at the top of the pricing band.

About Company

Glenmark Life Sciences, a subsidiary of Glenmark Pharmaceuticals NSE -3.62 percent, is a dominant developer and manufacturer of high-value, non-commoditized active pharmaceutical ingredients (APIs) in chronic therapeutic areas such as cardiovascular disease, CNS disease, pain management, and diabetes. APIs for gastrointestinal disorders, anti-infectives, and other therapeutic fields are also manufactured and sold by the firm.

Source : Factset

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.